Cibc World Markets Corp Sells 1,409 Shares of The Toro Company (NYSE:TTC)

Cibc World Markets Corp lessened its holdings in The Toro Company (NYSE:TTC) by 23.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,644 shares of the company’s stock after selling 1,409 shares during the quarter. Cibc World Markets Corp’s holdings in Toro were worth $372,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TTC. PEAK6 Investments LLC purchased a new position in shares of Toro in the third quarter worth about $1,248,000. Benjamin Edwards Inc. grew its position in Toro by 6,995.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 74,005 shares of the company’s stock worth $6,418,000 after acquiring an additional 72,962 shares during the last quarter. Eagle Asset Management Inc. purchased a new position in Toro in the 3rd quarter worth approximately $1,261,000. Point72 DIFC Ltd lifted its position in Toro by 101.6% in the third quarter. Point72 DIFC Ltd now owns 13,000 shares of the company’s stock valued at $1,127,000 after purchasing an additional 6,550 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Toro by 294.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 24,652 shares of the company’s stock valued at $1,975,000 after purchasing an additional 18,401 shares during the period. 87.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TTC has been the topic of several analyst reports. Robert W. Baird decreased their target price on shares of Toro from $88.00 to $84.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. Raymond James lowered their price objective on shares of Toro from $100.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, December 20th. Northland Capmk upgraded shares of Toro from a “hold” rating to a “strong-buy” rating in a report on Friday, February 21st. Northland Securities upgraded Toro from a “market perform” rating to an “outperform” rating and set a $100.00 price target on the stock in a report on Monday, February 24th. Finally, DA Davidson dropped their price objective on Toro from $86.00 to $80.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.75.

Toro Trading Up 0.0 %

Shares of TTC opened at $73.09 on Monday. The Toro Company has a 1-year low of $71.23 and a 1-year high of $100.93. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.59. The firm’s 50-day moving average price is $79.77 and its 200-day moving average price is $82.25. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of 18.23 and a beta of 0.70.

Toro Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.52 annualized dividend and a yield of 2.08%. Toro’s payout ratio is 38.87%.

Toro declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

About Toro

The Toro Company designs, manufactures, markets, and sells professional turf maintenance equipment and services. It operates through two segments: Professional and Residential. The Professional segment offers turf and landscape equipment products, including sports fields and grounds mowing and maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, and other maintenance equipment; rental, specialty, and underground construction equipment, such as horizontal directional drills, walk and ride trenchers, stand-on skid steers, vacuum excavators, stump grinders, turf renovation products, asset locators, pipe rehabilitation solutions, materials handling equipment, and other after-market tools; and snow and ice management equipment, such as snowplows, as well as stand-on snow and ice removal equipment, such as snowplow, snow brush, and snow thrower attachments, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.